Correlation Between Meinian Onehealth and Zhejiang JIULI
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By analyzing existing cross correlation between Meinian Onehealth Healthcare and Zhejiang JIULI Hi tech, you can compare the effects of market volatilities on Meinian Onehealth and Zhejiang JIULI and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Meinian Onehealth with a short position of Zhejiang JIULI. Check out your portfolio center. Please also check ongoing floating volatility patterns of Meinian Onehealth and Zhejiang JIULI.
Diversification Opportunities for Meinian Onehealth and Zhejiang JIULI
0.85 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Meinian and Zhejiang is 0.85. Overlapping area represents the amount of risk that can be diversified away by holding Meinian Onehealth Healthcare and Zhejiang JIULI Hi tech in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Zhejiang JIULI Hi and Meinian Onehealth is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Meinian Onehealth Healthcare are associated (or correlated) with Zhejiang JIULI. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Zhejiang JIULI Hi has no effect on the direction of Meinian Onehealth i.e., Meinian Onehealth and Zhejiang JIULI go up and down completely randomly.
Pair Corralation between Meinian Onehealth and Zhejiang JIULI
Assuming the 90 days trading horizon Meinian Onehealth is expected to generate 1.49 times less return on investment than Zhejiang JIULI. In addition to that, Meinian Onehealth is 1.24 times more volatile than Zhejiang JIULI Hi tech. It trades about 0.1 of its total potential returns per unit of risk. Zhejiang JIULI Hi tech is currently generating about 0.18 per unit of volatility. If you would invest 2,290 in Zhejiang JIULI Hi tech on September 3, 2024 and sell it today you would earn a total of 166.00 from holding Zhejiang JIULI Hi tech or generate 7.25% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Meinian Onehealth Healthcare vs. Zhejiang JIULI Hi tech
Performance |
| Timeline |
| Meinian Onehealth |
| Zhejiang JIULI Hi |
Meinian Onehealth and Zhejiang JIULI Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Meinian Onehealth and Zhejiang JIULI
The main advantage of trading using opposite Meinian Onehealth and Zhejiang JIULI positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Meinian Onehealth position performs unexpectedly, Zhejiang JIULI can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Zhejiang JIULI will offset losses from the drop in Zhejiang JIULI's long position.| Meinian Onehealth vs. Chengdu Kanghua Biological | Meinian Onehealth vs. Beijing Wantai Biological | Meinian Onehealth vs. Suzhou Novoprotein Scientific | Meinian Onehealth vs. Aluminum Corp of |
| Zhejiang JIULI vs. Zijin Mining Group | Zhejiang JIULI vs. Baoshan Iron Steel | Zhejiang JIULI vs. Rongsheng Petrochemical Co | Zhejiang JIULI vs. Hoshine Silicon Ind |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Portfolio Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.
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